Journal article
Complex stock price dynamics under Max Weber's spirit of capitalism hypothesis
Economic theory, v 64(1), pp 47-73
01 Jun 2017
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
We introduce Max Weber's spirit of capitalism hypothesis into a benchmark Lucas' tree asset pricing model by assuming that economic agents derive direct utility from wealth. We prove the existence of perfect foresight equilibria where the price-dividend ratio displays explosive rational bubble solutions, endogenous periodic cycles and chaotic dynamics.
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Details
- Title
- Complex stock price dynamics under Max Weber's spirit of capitalism hypothesis
- Creators
- Marco Airaudo - Drexel University
- Publication Details
- Economic theory, v 64(1), pp 47-73
- Publisher
- Springer Nature
- Number of pages
- 27
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Economics (School of Economics)
- Web of Science ID
- WOS:000401840100003
- Scopus ID
- 2-s2.0-84962812171
- Other Identifier
- 991019168724504721
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- Web of Science research areas
- Economics